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Vale, S. & Camões, F. (2017). Housing valuation, wealth perception, and households' portfolio composition. EcoMod2017.

S. D. Vale and F. H. Costa,  "Housing valuation, wealth perception, and households' portfolio composition", in EcoMod2017, Ljubjlana, 2017

@misc{vale2017_1734847799868,
	author = "Vale, S. and Camões, F.",
	title = "Housing valuation, wealth perception, and households' portfolio composition",
	year = "2017",
	howpublished = "Digital",
	url = "https://ecomod.net/conferences/ecomod2017"
}

TY  - CPAPER
TI  - Housing valuation, wealth perception, and households' portfolio composition
T2  - EcoMod2017
AU  - Vale, S.
AU  - Camões, F.
PY  - 2017
CY  - Ljubjlana
UR  - https://ecomod.net/conferences/ecomod2017
AB  - This paper empirically explores the relationship between wealth
perception from homeownership and households’ preference towards
asset categories pooled by risk. We use household survey data from
the Household Finance and Consumption Survey to obtain a measure
of the rate of housing valuation to be used in regressions against
shares of safe, medium risk, and risky assets from a single portfolio.
Shares are treated as a fraction of total wealth and estimated
with fractional multinomial logit models and fractional logit models.
Data shows incomplete household portfolios along with housing capturing
the largest share of households’ wealth in accordance with the
literature (e.g. Campbell, 2006). Our findings indicate robust empirical
evidence that perceived wealth from the rate of housing valuation
matters to portfolio choices. The estimations predict that an increase
in the rate of housing valuation increases the demand for risky assets
of mixed type, together with negative effects on the demand for safe
deposits held within the strictly financial portfolio.
ER  -